Market Update

Something is going on with the underlying trade today, I really expected a larger pullback in general, but you can't judge a chart inside a vacuum, you have to consider circumstances and as I outlined earlier in I believe option 2, some of the damage to the 15 min charts that suggested a deeper pullback may very well have been smart money just keeping the pressure on yesterday to the downside.

First the SPY as the general market update, then a few select charts from each of the averages and finally a quick look at the intraday trade in to the close.

 SPY bear flag/pennant and the upside breakout mentioned earlier, technical traders would be expecting this to break to the downside as that is the implication of a bear flag.

 SPY 3 min leading positive to a new local high, these charts weren't that impressive this a.m.

 SPY 5 min leading to a new local high

 The movement in the 15 min today

Some select charts

DIA 5 min at a new leading local high, above the area just before the F_O_M_C announcement

 Like most of the averages, ES started with a run of the mill positive divergence and built through the day, seeing a leading positive around noon and in confirmation on the move up.

 IWM 15 min nearly hitting a new local high (it's impressive because these longer tem charts from 15 min on don't usually move that fast.

 QQQ 5 min at a new leading local high


Intraday action.

 DIA 1 min with a slight negative divergence-this is only for intraday moves so we may see some downside in to the close.

 Same with the QQQ 1 min

However it seems contained at the shortest chart, 1 min as the 2 min is perfectly in line with price-confirmation.